Law firms and consultants are using technology to invest in litigation selectively

“Legal risk is similar to a toddler in that if you do not pay them the attention they will get into trouble. The legal industry should model themselves after CPAs, who have been managing and mitigating clients’ risk for years” Jillian Bommarito , Principal Consultant & Treasurer of LexPredict. Collection and mining of big data will change the way the legal industry approaches to risk and litigation. “Big and small data will be used by attorneys to put into a predictive modeling, scenario testing, and litigation decision tree modeling to provide strategic advice to clients on how to avoid and manage risk,” Eric Blinderman, Chief Executive Officer of Therium Inc.

Nearly 90% of U.S. corporation will be engaged in some litigation in the lifespan of the company, many cases simultaneously. In America, there are thousands of civil lawsuits that are filled annually, costing corporate clients billions annually.The use of technology in combination with the practice of law attorneys can use modeling processes to help their clients decide whether to allocate resources to litigating a course. “Litigation finance is growing and changing the way corporations pursue commercial litigation,” Russell Genet, Director of Longford Capital Management. Companies like Longford Capital management are revolutionizing the way litigation financed. Litigation finance firms provide non-recourse capital to (i) companies to pay attorneys’ fees and expenses incurred in litigation and (ii) invest in portfolios of cases managed by leading law firms.

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